Did some digging around about the rune in the sky and the sky whales...
Couldn't find much about the sky whales other than some videos of people seeing them from various parts around the world. You never get a chance to fight or otherwise interact with it.
The rune in the sky, on the other hand, is explained on Tera's lore site:
http://tera.enmasse.com/game-guide/lore/#arunandshara
Quote:
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Ages ago, in a realm torn apart by war and strife, Arun and Shara chose to flee and start new lives. Using their immense power, they shaped a new universe and turned their backs on the constant struggles of the old one. They set aside their implements of war. Shara flung a ring into the sky and it burned brightly and illuminated their world. Arun and Shara laid down to rest and began to dream.
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Not much, I know, but at least that explains why it's there.